Garth Griffin appointed as new chairman of the Absa Group and Absa Bank Boards

07 September 2010 Absa Group

Garth Griffin has been appointed by the Absa Group and Absa Bank boards to succeed Dave Brink as Non-Executive Chairman of the Absa Group and Absa Bank boards. His appointments will be effective from 1 October 2010. Dave Brink, Chairman since the departure of Gill Marcus in 2009 and an Absa non-executive director since 1992, will step down from all of his Absa positions on 30 September 2010.

“I’m delighted to be handing over to Garth, who has served on the Absa Group and Absa Bank boards since 2001, and has chaired various board committees. He brings to the position years of experience in the financial sector, having previously served as CEO of the Sage Group and Group Managing Director of Old Mutual. We looked far and wide for the right candidate and Garth proved to be the most suitable of those shortlisted,” commented Brink.

Maria Ramos, Absa Group Chief Executive, said: “I am very pleased that Absa was able to make this appointment given the good working relationship with Garth. Garth’s understanding of the Group augurs well for Absa”.

Mr Griffin’s appointment is supported by Barclays PLC, Absa’s parent company. “We are delighted to have someone of Garth Griffin’s experience and calibre as Chairman of Absa and we are confident he will play an important role in the continued success of the business,” said John Varley, Group Chief Executive, Barclays PLC.

The Absa Group and Absa Bank boards would like to record their gratitude to Dave Brink for his support and dedication during the many years that he has been associated with Absa and in particular during his period as Chairman. “Dave made a significant contribution to the formation and subsequent development of the Absa Group and his experience will be missed,” said Mr Griffin.

Career Background

Garth Griffin joined Old Mutual direct from university, qualified as an actuary and remained in the company for 30 years, culminating in his appointment as Group Managing Director.

In the mid-eighties, Griffin was seconded to London to assume responsibility for Old Mutual’s first non-African acquisition, Providence Capitol.

On his return to South Africa four years later, he was appointed General Manager and then, in 1996, Group Managing Director, responsible for asset management and unit trust businesses in South Africa and the UK, the US and Bermuda operations, as well as the operating businesses in the UK.

After his departure from the Old Mutual Group in 1998, he acted as a consultant to a number of asset management firms and held a few non-executive director appointments, including the Sage Group. Three years later he was asked by the major shareholders of the Sage Group, including Absa, to assume the position of CEO. He stepped down from this position upon the sale of Sage Group in 2005.

Griffin joined the Absa board in 2001, initially as a Sage Group representative and later as an independent non-executive director. During his time at Absa, Griffin has held the chair on numerous committees, including the Implementation Committee (following the Barclays acquisition) and the Group Risk and Capital Management Committee, whilst also serving as Chairman of Absa Life and Absa Insurance Actuarial Review Committees, director of Absa Financial Services, member of the Directors’ Affairs Committee and trustee of the Absa Group Pension Fund.

Griffin is also a past president of the Actuarial Society of South Africa.

Griffin currently holds a number of non-executive roles outside of the Absa Group, including Swiss Re Africa and Swiss Re Life & Health.

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